Bookkeeping for Dummies, 3rd Edition

Chapter 11

Reporting for Payroll

IN THIS CHAPTER

Reporting for tax, super and other payroll liabilities

Making sure you pay the right amount

Keeping on top of other kinds of payroll expenses

Getting everything in order at year’s end

Bookkeeping is the only word in the English language I can think of that has three double letters in a row (double ‘o’, double ‘k’, double ‘e’). All this doubling up is entirely appropriate when you think of the winning strategy of all good bookkeepers: Double-checking, double-checking and then double-checking again (not to mention double-entry accounting while you’re at it, of course).

I guess the heavy thing about being responsible for payroll is the level of responsibility involved. If you make a mistake, maybe reporting the wrong amount of tax or wages on an employee’s annual summary, that person can end up with a scary tax bill. If you forget someone’s superannuation payment, that employee either misses out or, if the ATO discovers your error, the business ends up with significant penalties.

In this chapter, I explain step by step everything that’s ...